Stock market today: Stocks retreat as Wall Street weighs hot inflation's impact on Fed | 3/15/24
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Stocks edged lower on Friday, setting Wall Street up for a weekly loss, as investors weighed the impact of hot inflation prints on the Federal Reserve's policy decision next week.
The S&P 500 (^GSPC) lost 0.7%, while the Dow Jones Industrial Average (^DJI) shed 0.5% or 200 points. The tech-heavy Nasdaq Composite (^IXIC) decreased 1%.
Stocks slipped further after Thursday's across-the-board losses, which came as another hotter-than-expected inflation report spooked investors into rethinking bets on a June interest rate cut. Concerns that "sticky" inflation could turn out harder to cool than the Fed expected can undermine the case for rate cuts.
With no big data releases on Friday's docket, eyes are turning to the February PCE report — the Fed's preferred inflation measure — for more clarity on whether inflation is cooling as fast as it wants. But that reading won't come until near the end of March, after the central bank's policy decision next week.
Meanwhile, bitcoin (BTC-USD) pulled back further from its latest record high above $73,000, trading just below $68,000 in afternoon trading. Crypto-related stocks initially lost ground alongside the token, but while Coinbase (COIN) recovered and gained 1.5%, MicroStrategy (MSTR) lost 2%.
Elsewhere in corporates, Adobe (ADBE) shares fell over 14% after its downbeat quarterly sales forecast fueled worries about competition from AI startups.
For more on this article, please visit:
https://finance.yahoo.com/news/stock-...
To get the latest market news check out finance.yahoo.com
Stocks edged lower on Friday, setting Wall Street up for a weekly loss, as investors weighed the impact of hot inflation prints on the Federal Reserve's policy decision next week.
The S&P 500 (^GSPC) lost 0.7%, while the Dow Jones Industrial Average (^DJI) shed 0.5% or 200 points. The tech-heavy Nasdaq Composite (^IXIC) decreased 1%.
Stocks slipped further after Thursday's across-the-board losses, which came as another hotter-than-expected inflation report spooked investors into rethinking bets on a June interest rate cut. Concerns that "sticky" inflation could turn out harder to cool than the Fed expected can undermine the case for rate cuts.
With no big data releases on Friday's docket, eyes are turning to the February PCE report — the Fed's preferred inflation measure — for more clarity on whether inflation is cooling as fast as it wants. But that reading won't come until near the end of March, after the central bank's policy decision next week.
Meanwhile, bitcoin (BTC-USD) pulled back further from its latest record high above $73,000, trading just below $68,000 in afternoon trading. Crypto-related stocks initially lost ground alongside the token, but while Coinbase (COIN) recovered and gained 1.5%, MicroStrategy (MSTR) lost 2%.
Elsewhere in corporates, Adobe (ADBE) shares fell over 14% after its downbeat quarterly sales forecast fueled worries about competition from AI startups.
For more on this article, please visit:
https://finance.yahoo.com/news/stock-...
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